| | | UNITED STATES |
| | | SECURITIES AND EXCHANGE COMMISSION |
| | | Washington, D.C. 20549 |
| |
| |
| | | FORM N-CSR |
| |
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT |
| | | INVESTMENT COMPANIES |
| |
| Investment Company Act file number 811-3721 |
| |
| DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC. |
| | | (Exact name of Registrant as specified in charter) |
| |
| |
| | | c/o The Dreyfus Corporation |
| | | 200 Park Avenue |
| | | New York, New York 10166 |
| | | (Address of principal executive offices) (Zip code) |
| |
| | | Mark N. Jacobs, Esq. |
| | | 200 Park Avenue |
| | | New York, New York 10166 |
| | | (Name and address of agent for service) |
| |
| Registrant's telephone number, including area code: (212) 922-6000 |
| |
| Date of fiscal year end: | | 5/31 |
| |
| Date of reporting period: | | 11/30/04 |
FORM N-CSR
Item 1. Reports to Stockholders.
| Dreyfus |
| Intermediate Municipal |
| Bond Fund, Inc. |
SEMIANNUAL REPORT November 30, 2004
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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents
| | | THE FUND |
| |
|
| 2 | | Letter from the Chairman |
| 3 | | Discussion of Fund Performance |
| 6 | | Understanding Your Fund’s Expenses |
| 6 | | Comparing Your Fund’s Expenses |
| With Those of Other Funds |
| 7 | | Statement of Investments |
| 21 | | Statement of Assets and Liabilities |
| 22 | | Statement of Operations |
| 23 | | Statement of Changes in Net Assets |
| 24 | | Financial Highlights |
| 25 | | Notes to Financial Statements |
| FOR MORE INFORMATION |
|
| | | Back Cover |
The Fund
| Dreyfus Intermediate Municipal |
| Bond Fund, Inc. |
LETTER FROM THE CHAIRMAN
We are pleased to present this semiannual report for Dreyfus Intermediate Municipal Bond Fund, Inc., covering the six-month period from June 1, 2004, through November 30, 2004. Inside, you’ll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund’s portfolio manager, Monica S.Wieboldt.
The Federal Reserve Board has raised short-term interest rates four times since June 2004, the U.S. labor market is strengthening, and lower federal tax rates have made tax-advantaged investments somewhat less beneficial for many investors. Nonetheless, the municipal bond market is poised to have another consecutive calendar year of positive returns. In our view, investor demand for municipal bonds has remained strong due to concerns that record energy prices and persistent geopolitical tensions may be eroding the rate of U.S. economic growth.
In uncertain markets such as these, the tax-exempt investments that are right for you depend on your current needs, future goals, tolerance for risk and the composition of your current portfolio. As always, your financial advisor may be in the best position to recommend the specific market sectors and most suitable investments that will satisfy most effectively your tax-exempt income and capital preservation needs.
Thank you for your continued confidence and support.
| Stephen E. Canter |
| Chairman and Chief Executive Officer |
| The Dreyfus Corporation |
| December 15, 2004 |
DISCUSSION OF FUND PERFORMANCE
Monica S. Wieboldt, Senior Portfolio Manager
| How did Dreyfus Intermediate Municipal Bond Fund, Inc. |
| perform relative to its benchmark? |
For the six-month period ended November 30, 2004, the fund achieved a total return of 3.26% .1 The Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 3.49% for the same period.2 In addition, the average total return for all funds reported in the Lipper Intermediate Municipal Debt Funds category was 2.86% .3
The municipal bond market’s returns were driven by investors’ changing expectations of economic growth and inflation.The fund’s return was slightly lower than its benchmark, which does not reflect fund fees and expenses.The fund outperformed its Lipper category average, primarily because the fund’s duration management strategy and yield curve positioning enabled it to participate more fully in market rallies.
What is the fund’s investment approach?
The fund seeks the maximum amount of current income exempt from federal income tax as is consistent with the preservation of capital.To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal personal income tax.
The fund invests at least 80% of its assets in municipal bonds rated A or higher, or the unrated equivalent as determined by Dreyfus. The fund may invest up to 20% of its assets in municipal bonds rated below A, including bonds rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by Dreyfus. The dollar-weighted average maturity of the fund’s portfolio ranges between three and 10 years.
The portfolio manager may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for
DISCUSSION OF FUND PERFORMANCE (continued)
investment, the portfolio manager may assess the current interest-rate environment and the municipal bond’s potential volatility in different rate environments.The portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.A portion of the fund’s assets may be allocated to “discount” bonds, which are bonds that sell at a price below their face value, or to “premium” bonds, which are bonds that sell at a price above their face value.The fund’s allocation to either discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment. The portfolio manager also may look to select bonds that are most likely to obtain attractive prices when sold.
What other factors influenced the fund’s performance?
When the reporting period began, it already had become apparent that the U.S. economy was recovering more robustly, and inflationary pressures appeared to be rising.To forestall an acceleration of inflation, the Federal Reserve Board raised short-term interest rates four times between June and November, driving the overnight federal funds rate from 1% to 2% by the reporting period’s end. Even as short-term interest rates rose, however, yields of intermediate-term municipal bonds generally fell — and their prices rose — during the summer and early fall when the U.S. economy appeared to hit a “soft patch.” The summertime rallies effectively offset market declines from earlier in the year.
As the national economy improved, so did the fiscal condition of many states and municipalities.Issuers generally had less need to borrow,and the supply of newly issued tax-exempt bonds dropped compared to the same period one year earlier. However, demand remained strong from both institutional and individual investors, further supporting bond prices.
When the market became more volatile in the spring of 2004, we attempted to adopt a more defensive investment posture by intensifying the fund’s focus on the short- to intermediate-term portion of the maturity spectrum. However, this sector of the yield curve lagged when
trading activity by non-traditional investors, including hedge funds, created heightened volatility among intermediate-term bonds. During the summer of 2004, as rates moved higher, we increased the fund’s holdings of longer-term bonds, which had been less severely affected by market volatility.As a result of this change, the fund was able to lock in prevailing yields and capture capital appreciation as the market rallied.
When making new purchases during the reporting period, we focused on higher-quality, income-oriented bonds, including securities issued by “specialty states” such as New York and California.The fund’s holdings of California general obligation bonds performed especially strongly as the state made progress toward resolving its budget issues.
What is the fund’s current strategy?
As of the end of the reporting period,we have set the fund’s average duration in a range we consider neutral relative to industry averages.However, because of the likelihood that short-term interest rates will move higher relative to intermediate-term bonds, we have de-emphasized bonds with maturities near the lower end of the fund’s maturity range in favor of a diverse mix of maturities toward the longer end of the range.
December 15, 2004
| 1 | | Total return includes reinvestment of dividends and any capital gains paid. Past performance is no |
| | | guarantee of future results. Share price, yield and investment return fluctuate such that upon |
| | | redemption, fund shares may be worth more or less than their original cost. Income may be subject |
| | | to state and local taxes, and some income may be subject to the federal alternative minimum tax |
| | | (AMT) for certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects |
| | | the absorption of fund expenses by The Dreyfus Corporation pursuant to an undertaking in effect |
| | | that may be extended, terminated or modified at any time. Had these expenses not been absorbed, |
| | | the fund’s return would have been lower. |
| 2 | | SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital |
| | | gain distributions.The Lehman Brothers 7-Year Municipal Bond Index is an unmanaged total |
| | | return performance benchmark for the investment-grade, geographically unrestricted 7-year tax- |
| | | exempt bond market, consisting of municipal bonds with maturities of 6-8 years. Index returns do |
| | | not reflect fees and expenses associated with operating a mutual fund. |
| 3 | | Source: Lipper Inc. |
U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a u d i t e d )
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Intermediate Municipal Bond Fund, Inc. from June 1, 2004 to November 30, 2004. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
| Expenses and Value of a $1,000 Investment |
| assuming actual returns for the six months ended November 30, 2004 |
|
| |
| Expenses paid per $1,000 † | | $ 3.72 |
| Ending value (after expenses) | | $1,032.60 |
| COMPARING YOUR FUND’S EXPENSES |
| WITH THOSE OF OTHER FUNDS (Unaudited) |
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| Expenses and Value of a $1,000 Investment |
| assuming a hypothetical 5% annualized return for the six months ended November 30, 2004 |
|
| |
| Expenses paid per $1,000 † | | $ 3.70 |
| Ending value (after expenses) | | $1,021.41 |
† Expenses are equal to the fund’s annualized expense ratio of .73%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
| STATEMENT OF INVESTMENTS |
| November 30, 2004 (Unaudited) |
| | | Principal | | |
| Long-Term Municipal Investments—98.1% | | Amount ($) | | Value ($) |
| |
| |
|
| Alabama—.2% | | | | |
| McIntosh Industrial Development Board, EIR | | | | |
| 4.65%, 6/1/2008 | | 1,750,000 | | 1,839,442 |
| Alaska—5.0% | | | | |
| Alaska International Airports, Revenue: | | | | |
| 5.50%, 10/1/2011 (Insured; AMBAC) | | 2,560,000 | | 2,875,391 |
| 5.50%, 10/1/2012 (Insured; AMBAC) | | 1,620,000 | | 1,823,147 |
| Alaska Student Loan Corp., Student Loan Revenue: | | | | |
| 5.60%, 7/1/2011 (Insured; AMBAC) | | 4,700,000 | | 5,013,489 |
| 5.70%, 7/1/2013 (Insured; AMBAC) | | 5,990,000 | | 6,403,129 |
| 6%, 7/1/2016 (Insured; AMBAC) | | 6,380,000 | | 6,923,128 |
| Anchorage: | | | | |
| 5.875%, 12/1/2010 (Insured; FGIC) | | 2,365,000 | | 2,716,368 |
| 5.875%, 12/1/2010 (Insured; FGIC) | | 1,500,000 | | 1,722,855 |
| Electric Utility Revenue: | | | | |
| 6.50%, 12/1/2008 (Insured; MBIA) | | 2,755,000 | | 3,139,681 |
| 6.50%, 12/1/2009 (Insured; MBIA) | | 2,910,000 | | 3,371,235 |
| 5.875%, 2/1/2012 (Insured; FSA) | | 3,175,000 | | 3,552,476 |
| Northern Tobacco Securitization Corp., | | | | |
| Tobacco Settlement Revenue: | | | | |
| 6%, 6/1/2013 | | 4,745,000 | | 4,855,226 |
| 6.20%, 6/1/2022 | | 2,250,000 | | 2,248,335 |
| Arizona—.6% | | | | |
| Glendale Municipal Property Corp., Excise Tax Revenue | | |
| 5%, 7/1/2017 (Insured; AMBAC) | | 2,160,000 | | 2,308,306 |
| Maricopa County Industrial Development Authority, | | | | |
| Hospital Systems Revenue (Baptist Hospital) | | | | |
| 5.20%, 9/1/2005 (Insured; MBIA) | | 3,125,000 | | 3,198,563 |
| Arkansas—.7% | | | | |
| Arkansas Student Loan Authority, Student Loan | | | | |
| Revenue 5.35%, 6/1/2009 | | 4,465,000 | | 4,673,024 |
| Springdale, Sales & Use Tax Revenue | | | | |
| 4%, 7/1/2016 (Insured; MBIA) | | 2,000,000 | | 2,032,280 |
| California—8.8% | | | | |
| Alameda County Unified School District | | | | |
| Zero Coupon, 8/1/2018 (Insured; FSA) | | 3,785,000 | | 1,980,463 |
| California Department of Water Resources, | | | | |
| Water Revenue (Central Valley Project) | | | | |
| 5.25%, 12/1/2012 (Insured; FGIC) | | 10,000,000 | | 11,262,100 |
| California Economic Recovery | | | | |
| 5%, 7/1/2015 (Insured; MBIA) | | 8,000,000 | | 8,748,160 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| California (continued) | | | | |
| California Educational Facilities Authority, Revenue | | | | |
| (Stanford University) 5.25%, 12/1/2013 | | 2,000,000 | | 2,271,260 |
| California Infrastructure & Economic Development, | | | | |
| Bank Revenue (Bay Area Toll Bridges—1st Lien) | | | | |
| 5.25%, 7/1/2017 (Insured; FSA) | | 3,300,000 | | 3,603,666 |
| California Pollution Control Financing Authority, PCR | | | | |
| (Southern California Edison Co.) 2%, 3/1/2006 | | 5,500,000 | | 5,440,435 |
| California Public Works Board, LR | | | | |
| (Department of Mental Health—Coalinga) | | | | |
| 5.50%, 6/1/2018 | | 3,000,000 | | 3,294,360 |
| California Statewide Community Development Authority, | | | | |
| MFHR (Equity Residential) 5.20%, 6/15/2009 | | 3,000,000 | | 3,175,830 |
| Elsinore Valley Municipal Water District, COP | | | | |
| 5.375%, 7/1/2016 (Insured; FGIC) | | 3,295,000 | | 3,697,056 |
| Foothill/Eastern Transportation Corridor Agency, | | | | |
| Toll Road Revenue 0%/7%, 1/1/2008 | | 5,000,000 a | | 5,605,750 |
| Golden State Tobacco Securitization Corporation, | | | | |
| Tobacco Settlement Revenue: | | | | |
| 5.75%, 6/1/2021 | | 6,950,000 | | 7,361,301 |
| 5.75%, 6/1/2023 | | 1,735,000 | | 1,826,088 |
| Los Angeles County Public Works Financing Authority, | | | | |
| Revenue (Regional Park & Open Space District) | | | | |
| 5%, 10/1/2019 | | 6,000,000 | | 6,179,280 |
| San Francisco City & County Public Utilities Commission, | | | | |
| Water Revenue 5%, 11/1/2015 (Insured; MBIA) | | 2,000,000 | | 2,156,360 |
| University of California, Revenues | | | | |
| 5.25%, 5/15/2016 (Insured; AMBAC) | | 11,765,000 | | 12,913,146 |
| Colorado—1.8% | | | | |
| Denver City & County, Airport Revenue | | | | |
| 5%, 11/15/2008 | | 5,000,000 | | 5,349,350 |
| El Paso County School District | | | | |
| (Number 11 Colorado Springs): | | | | |
| 6.25%, 12/1/2009 | | 1,000,000 | | 1,150,990 |
| 6.50%, 12/1/2010 | | 2,000,000 | | 2,360,260 |
| 6.50%, 12/1/2011 | | 2,040,000 | | 2,435,352 |
| Interlocken Metropolitan District: | | | | |
| Zero Coupon, 12/15/2007 | | 2,000,000 | | 1,841,660 |
| Zero Coupon, 12/15/2007 | | 835,000 | | 762,973 |
| Zero Coupon, 12/15/2008 | | 1,750,000 | | 1,549,713 |
| Zero Coupon, 12/15/2008 | | 835,000 | | 730,667 |
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Connecticut—1.3% | | | | |
| Connecticut: | | | | |
| Revenue (Mashantucket Western Pequot Tribe): | | | | |
| 6.50%, 9/1/2006 | | 2,475,000 b | | 2,656,244 |
| 6.50%, 9/1/2006 | | 2,525,000 b | | 2,675,541 |
| 5.60%, 9/1/2009 | | 1,000,000 b | | 1,082,550 |
| Special Obligation Rate Reduction | | | | |
| 5%, 12/30/2008 | | 4,585,000 | | 4,994,853 |
| District of Columbia—.9% | | | | |
| District of Columbia | | | | |
| 6%, 6/1/2012 (Insured; MBIA) | | 3,280,000 | | 3,794,730 |
| Metropolitan Washington Airports Authority, | | | | |
| Airport System Revenue | | | | |
| 5%, 10/1/2008 (Insured; FSA) | | 4,000,000 | | 4,280,960 |
| Florida—4.2% | | | | |
| Capital Projects Finance Authority, Student Housing | | | | |
| Revenue (Capital Projects Loan Program) | | | | |
| 5.50%, 10/1/2015 (Insured; MBIA) | | 4,060,000 | | 4,392,149 |
| Collier County, Gas Tax Revenue | | | | |
| 5.25%, 6/1/2019 (Insured; AMBAC) | | 2,190,000 | | 2,379,085 |
| Hillsborough County Industrial Development Authority, | | | | |
| PCR (Tampa Electric Company Project) | | | | |
| 5.10%, 10/1/2013 | | 9,575,000 | | 9,908,689 |
| Miami-Dade County, Aviation Revenue | | | | |
| 5.25%, 10/1/2008 (Insured; FGIC) | | 3,000,000 | | 3,250,110 |
| Miami-Dade County School Board, COP | | | | |
| 5.25%, 10/1/2017 (Insured; FGIC) | | 5,000,000 | | 5,459,200 |
| Palm Beach County School Board, COP | | | | |
| 5.375%, 8/1/2014 (Insured; AMBAC) | | 4,000,000 | | 4,525,680 |
| Palm Beach County Solid Waste Authority, Revenue | | | | |
| 4%, 1/1/2011 (Insured; AMBAC) | | 5,000,000 | | 5,178,350 |
| Polk County, Utility System Revenue | | | | |
| 5.25%, 10/1/2018 (Insured; FGIC) | | 2,000,000 | | 2,182,100 |
| Georgia—2.0% | | | | |
| Athens Housing Authority, Student Housing LR | | | | |
| (Ugaref East Campus Housing): | | | | |
| 5.25%, 12/1/2015 (Insured; AMBAC) | | 2,560,000 | | 2,810,368 |
| 5.25%, 12/1/2016 (Insured; AMBAC) | | 2,700,000 | | 2,950,452 |
| Atlanta, Airport Facilities Revenue | | | | |
| 6%, 1/1/2007 (Insured; AMBAC) | | 5,780,000 | | 6,197,721 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Georgia (continued) | | | | |
| Milledgeville-Baldwin County Development Authority, | | | | |
| Revenue (Georgia College & State | | | | |
| University Foundation): | | | | |
| 6%, 9/1/2010 | | 1,275,000 | | 1,406,376 |
| 5.25%, 9/1/2019 | | 1,710,000 | | 1,775,254 |
| Municipal Electric Authority (Combustion Turbine Project) | | |
| 5.25%, 11/1/2012 (Insured; MBIA) | | 2,735,000 | | 3,059,070 |
| Hawaii—.3% | | | | |
| Kuakini Health System, Special Purpose Revenue | | | | |
| 5.50%, 7/1/2012 | | 2,575,000 | | 2,661,906 |
| Illinois—1.4% | | | | |
| Chicago Housing Authority | | | | |
| Revenue (Capital Program): | | | | |
| 5%, 7/1/2009 | | 2,500,000 | | 2,683,300 |
| 5.25%, 7/1/2010 | | 2,420,000 | | 2,633,759 |
| Chicago O’Hare International Airport, Revenue | | | | |
| (Third Lien) 5.50%, 1/1/2015 | | 6,450,000 | | 7,152,212 |
| Illinois Health Facilities Authority, Revenue | | | | |
| (Evangelical Hospital) 6.75%, 4/15/2007 | | 150,000 | | 158,409 |
| Indiana—2.0% | | | | |
| Indiana Health Facility Financing Authority, HR | | | | |
| (Clarian Health Partners, Inc.): | | | | |
| 5.50%, 2/15/2010 | | 3,000,000 | | 3,182,040 |
| 5.50%, 2/15/2011 | | 5,000,000 | | 5,280,300 |
| Indianapolis Local Public Improvement Bond Bank | | | | |
| 6.50%, 1/1/2011 (Insured; FSA) | | 6,415,000 | | 7,520,946 |
| Westfield High School Building Corp., | | | | |
| First Mortgage Revenue | | | | |
| 5.25%, 7/5/2013 (Insured; AMBAC) | | 1,500,000 | | 1,624,020 |
| Iowa—.6% | | | | |
| Iowa Student Loan Liquidity Corp., Student Loan | | | | |
| Revenue 4.55%, 12/1/2007 (Insured; AMBAC) | | 5,000,000 | | 5,219,800 |
| Kansas—1.2% | | | | |
| Wyandotte County—Kansas City Unified | | | | |
| Government, Utility System Revenue | | | | |
| 5.65%, 9/1/2018 (Insured; AMBAC) | | 9,130,000 | | 10,596,552 |
| Kentucky—1.3% | | | | |
| Ashland, PCR (Ashland, Inc.) 5.70%, 11/1/2009 | | 4,000,000 | | 4,301,720 |
| Carrolton and Henderson Public Energy Authority, | | | | |
| Gas Revenue (Kentucky Trust) | | | | |
| 5%, 1/1/2006 (Insured; FSA) | | 3,500,000 | | 3,600,905 |
| | | Principal | | | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Kentucky (continued) | | | | | | |
| Kenton County Airport Board, Airport Revenue | | | | | | |
| (Cincinnati/Northern Kentucky International) | | | | | | |
| 5.75%, 3/1/2009 (Insured; MBIA) | | 3,710,000 | | | | 3,915,052 |
| Massachusetts—3.1% | | | | | | |
| Boston Water & Sewer Commission, Revenue | | | | | | |
| 5%, 11/1/2020 | | 5,760,000 | | | | 6,123,283 |
| Massachusetts, Consolidated Loan: | | | | | | |
| 5%, 12/1/2010 | | 3,000,000 | | | | 3,284,730 |
| 5.75%, 10/1/2020 | | | | | | |
| (Prerefunded 10/1/2010) | | 2,100,000 | | c | | 2,369,220 |
| Massachusetts Bay Transportation Authority, Sales Tax | | | | | | |
| Revenue 5.50%, 7/1/2017 | | 5,000,000 | | d | | 5,685,350 |
| Massachusetts Municipal Wholesale Electric Co., | | | | | | |
| Power Supply System Revenue | | | | | | |
| (Project No. 6) 5.25%, 7/1/2015 (Insured; MBIA) | | 4,000,000 | | | | 4,343,680 |
| Plymouth County, COP (Correctional Facilities Project) | | | | | | |
| 5%, 4/1/2015 (Insured; AMBAC) | | 2,025,000 | | | | 2,149,821 |
| University of Massachusetts Building Authority, | | | | | | |
| Project Revenue 5.25%, 11/1/2019 (Insured; AMBAC) | | 3,500,000 | | | | 3,785,810 |
| Michigan—6.5% | | | | | | |
| Detroit Local Development Finance Authority | | | | | | |
| 5.20%, 5/1/2010 | | 5,745,000 | | | | 5,997,148 |
| Greater Detroit Resource Recovery Authority, Revenue: | | | | | | |
| 6.25%, Series A, 12/13/2008 (Insured; AMBAC) | | 11,000,000 | | | | 12,411,740 |
| 6.25%, Series B, 12/13/2008 (Insured; AMBAC) | | 7,755,000 | | | | 8,750,277 |
| Michigan Building Authority, Revenue | | | | | | |
| (State Police Communications System) | | | | | | |
| 5.25%, 10/1/2013 | | 1,945,000 | | | | 2,188,300 |
| Michigan Hospital Finance Authority, Revenue: | | | | | | |
| 8.871%, 11/15/2007 | | 5,750,000 | | b,e | | 6,594,100 |
| (Genesys Health System) | | | | | | |
| 8.10%, 10/1/2013 (Prerefunded 10/1/2005) | | 7,000,000 | | c | | 7,483,140 |
| (Oakwood Obligation Group): | | | | | | |
| 5%, 11/1/2007 | | 3,000,000 | | | | 3,146,310 |
| 5.50%, 11/1/2011 | | 3,500,000 | | | | 3,861,620 |
| (Sparrow Obligation Group): | | | | | | |
| 5.25%, 11/15/2011 | | 2,500,000 | | | | 2,698,050 |
| 5.75%, 11/15/2016 | | 3,250,000 | | | | 3,509,123 |
| Michigan Municipal Bond Authority, Revenue | | | | | | |
| (Drinking Water Revolving Fund) | | | | | | |
| 5.25%, 10/1/2016 (Prerefunded; 10/1/2009) | | 2,370,000 | | c | | 2,622,358 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Mississippi—1.3% | | | | |
| Mississippi Development Bank, Special Obligation | | | | |
| (Adams County HR Project) | | | | |
| 5.75%, 7/1/2010 (Insured; FSA) | | 3,445,000 | | 3,657,488 |
| Mississippi Higher Education Assistance Corp. | | | | |
| Student Loan Revenue 5.30%, 9/1/2008 | | 2,390,000 | | 2,533,018 |
| Walnut Grove Correctional Authority, COP: | | | | |
| 5.25%, 11/1/2005 (Insured; AMBAC) | | 1,670,000 | | 1,718,330 |
| 5.50%, 11/1/2006 (Insured; AMBAC) | | 1,760,000 | | 1,867,589 |
| 5.50%, 11/1/2007 (Insured; AMBAC) | | 1,855,000 | | 2,018,073 |
| Missouri—1.9% | | | | |
| Joplin Industrial Development Authority, Revenue | | | | |
| (Catholic Health Initiatives): | | | | |
| 5.50%, 12/1/2009 | | 3,185,000 | | 3,419,352 |
| 5.625%, 12/1/2010 | | 3,340,000 | | 3,602,591 |
| Missouri Health & Educational | | | | |
| Facilities Authority, Revenue | | | | |
| (SSM Health Care) 5%, 6/1/2007 | | 2,940,000 | | 3,105,140 |
| Saint Louis, Airport Revenue | | | | |
| (Airport Development Program): | | | | |
| 5.50%, 7/1/2010 (Insured; MBIA) | | 3,000,000 | | 3,330,060 |
| 5.625%, 7/1/2015 (Insured; MBIA) | | 2,500,000 | | 2,788,200 |
| Nevada—1.2% | | | | |
| Nevada, Highway Improvement Revenue | | | | |
| (Motor Vehicle Fuel Tax) | | | | |
| 5.50%, 12/1/2015 (Insured; FGIC) | | 4,775,000 | | 5,404,918 |
| Washoe County, Water Facility Revenue | | | | |
| (Sierra Pacific Power Company) 5%, 7/1/2009 | | 5,000,000 | | 5,083,900 |
| New Jersey—4.7% | | | | |
| New Jersey Building Authority, Building Revenue | | | | |
| 5.25%, 12/15/2014 (Insured; AMBAC) | | 7,690,000 | | 8,470,843 |
| New Jersey Economic Development Authority, | | | | |
| Cigarette Tax Revenue 5.50%, 6/15/2016 | | 1,000,000 | | 1,070,160 |
| Revenue: | | | | |
| 8.631%, 6/15/2008 | | 5,000,000 b,e | | 6,070,250 |
| School Facilities | | | | |
| (Construction 2001) 5.25%, 6/15/2010 | | 30,000 | | 33,211 |
| Waste Paper Recycling (Marcal Paper Mills Inc.) | | | | |
| 8.50%, 2/1/2010 (Insured; MBIA) | | 3,005,000 | | 2,674,480 |
| | | Principal | | | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| New Jersey (continued) | | | | | | |
| New Jersey Educational Facilities Authority | | | | | | |
| Revenue (Rider University): | | | | | | |
| 5%, 7/1/2010 | | 1,880,000 | | | | 2,020,417 |
| 5%, 7/1/2011 | | 1,970,000 | | | | 2,121,395 |
| (Rowan University) | | | | | | |
| 5.25%, 7/1/2016 (Insured; MBIA) | | 2,000,000 | | | | 2,208,260 |
| New Jersey Health Care Facilities | | | | | | |
| Financing Authority, Revenue | | | | | | |
| (South Jersey Hospital) 6%, 7/1/2012 | | 3,425,000 | | | | 3,859,735 |
| New Jersey Transportation Trust Fund Authority | | | | | | |
| (Transportation System) | | | | | | |
| 6%, 6/15/2016 (Prerefunded 6/15/2010) | | 4,000,000 | | c | | 4,584,000 |
| New Jersey Turnpike Authority, Revenue | | | | | | |
| 5.625%, 1/1/2015 (Insured MBIA) | | | | | | |
| (Prerefunded; 1/1/2010) | | 3,910,000 | | c | | 4,383,853 |
| Union County Utilities Authority, Solid Waste Revenue | | | | | | |
| (Ogden Martin) 5.50%, 6/1/2008 (Insured; AMBAC) | | 4,000,000 | | | | 4,335,440 |
| New Mexico—1.4% | | | | | | |
| Jicarilla, Apache Nation Revenue: | | | | | | |
| 5%, 9/1/2011 | | 1,500,000 | | | | 1,603,005 |
| 5%, 9/1/2013 | | 2,905,000 | | | | 3,081,217 |
| Las Cruces, Joint Utility Improvement Revenue | | | | | | |
| 5.50%, 7/1/2016 (Insured; MBIA) | | 7,000,000 | | | | 7,615,930 |
| New York—7.5% | | | | | | |
| New York City: | | | | | | |
| 5.25%, 8/1/2008 | | 5,000,000 | | | | 5,417,100 |
| 6.25%, 8/1/2009 (Prerefunded 8/1/2006) | | 50,000 | | c | | 54,027 |
| 6.25%, 8/1/2009 | | 1,950,000 | | | | 2,087,748 |
| 5%, 8/1/2014 | | 5,000,000 | | | | 5,406,600 |
| New York State Dormitory Authority, Revenues: | | | | | | |
| (Department of Health) | | | | | | |
| 5.625%, 7/1/2011 (Prerefunded; 7/1/2006) | | 3,240,000 | | c | | 3,475,354 |
| (Lenox Hill Hospital Obligation Group) | | | | | | |
| 5.50%, 7/1/2011 | | 1,000,000 | | | | 1,075,570 |
| New York State Local Government | | | | | | |
| Assistance Corporation: | | | | | | |
| 5.25%, 4/1/2016 | | 3,425,000 | | | | 3,780,686 |
| 5.25%, 4/1/2016 (Insured; FSA) | | 2,200,000 | | | | 2,458,126 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| New York (continued) | | | | |
| New York State Thruway Authority, Service Contract | | | | |
| Revenue (Local Highway & Bridge): | | | | |
| 6%, 4/1/2011 | | 2,040,000 | | 2,233,331 |
| 5.50%, 4/1/2012 | | 3,950,000 | | 4,436,680 |
| 5.50%, 4/1/2013 | | 5,000,000 | | 5,561,450 |
| New York State Urban Development Corp.: | | | | |
| Corporate Purpose 5.125%, 7/1/2019 | | 2,000,000 | | 2,124,400 |
| Correctional Capital Facilities 5.25%, 1/1/2010 | | 4,520,000 | | 4,789,573 |
| Correctional & Youth Facilities Service Contract | | | | |
| Revenue (Empire State Development Corp.): | | | | |
| 5%, 1/1/2009 | | 3,000,000 | | 3,217,710 |
| 5.25%, 1/1/2009 | | 8,575,000 | | 9,276,178 |
| Personal Income Tax 5.25%, 3/15/2011 | | 1,565,000 | | 1,728,887 |
| Tobacco Settlement Financing Corp., Revenue | | | | |
| 5.50%, 6/1/2018 | | 4,000,000 | | 4,389,680 |
| Triborough Bridge and Tunnel Authority, Revenue | | | | |
| 6.75%, 1/1/2009 | | 5,100,000 | | 5,683,848 |
| North Carolina—2.9% | | | | |
| North Carolina Eastern Municipal Power Agency, | | | | |
| Power System Revenue: | | | | |
| 5.50%, 1/1/2012 | | 3,000,000 | | 3,256,860 |
| 5.125%, 1/1/2014 | | 3,000,000 | | 3,170,580 |
| 5%, 1/1/2021 | | 1,200,000 | | 1,305,816 |
| North Carolina Medical Care Commission, | | | | |
| Retirement Facilities Revenue | | | | |
| (Givens Estates Project): | | | | |
| 4.75%, 7/1/2010 | | 1,000,000 | | 1,009,240 |
| 5%, 7/1/2011 | | 500,000 | | 505,285 |
| 5.25%, 7/1/2012 | | 750,000 | | 763,575 |
| North Carolina Municipal Power Agency | | | | |
| Electric Revenue (Number 1 Catawba): | | | | |
| 5.25%, 1/1/2016 (Insured; FSA) | | 2,540,000 | | 2,751,023 |
| 5.25%, 1/1/2017 (Insured; FSA) | | 10,000,000 | | 10,780,800 |
| Raleigh Durham Airport Authority, Airport Revenue | | | | |
| 5.25%, 11/1/2012 (Insured; FGIC) | | 2,365,000 | | 2,611,078 |
| Ohio—1.9% | | | | |
| Cuyahoga County, Revenue | | | | |
| (Cleveland Clinic Health System): | | | | |
| 5.50%, 1/1/2014 | | 4,000,000 | | 4,406,280 |
| 6%, 1/1/2017 | | 5,000,000 | | 5,637,200 |
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Ohio (continued) | | | | |
| Knox County, Hospital Facilities Revenue | | | | |
| (Knox Community Hospital Asset Guaranty) | | | | |
| 5%, 6/1/2012 | | 1,500,000 | | 1,613,505 |
| Ohio, PCR (General Motors Corp. Project) | | | | |
| 5.625%, 3/1/2015 | | 5,000,000 | | 5,334,700 |
| Oklahoma—.6% | | | | |
| Oklahoma Development Finance Authority, LR | | | | |
| (Oklahoma State System Higher Education): | | | | |
| 4%, 6/1/2007 | | 1,020,000 | | 1,056,220 |
| 4%, 6/1/2008 | | 1,060,000 | | 1,103,598 |
| Washington County Medical Authority, Revenue | | | | |
| (Jane Phillips Medical Center) | | | | |
| 5.50%, 11/1/2010 (Insured; Connie Lee) | | 3,175,000 | | 3,374,104 |
| Oregon—1.1% | | | | |
| Gilliam County, SWDR | | | | |
| 4.15%, 5/1/2009 | | 3,400,000 | | 3,456,644 |
| Washington County Unified Sewer Agency, | | | | |
| Sewer Revenue 5.75%, 10/1/2012 (Insured; FGIC) | | 5,670,000 | | 6,535,355 |
| Pennsylvania—7.3% | | | | |
| Allegheny County Industrial Development Authority, | | | | |
| PCR 4.05%, 9/1/2011 (Insured; AMBAC) | | 4,000,000 | | 4,146,480 |
| Carbon County Industrial Development Authority, RRR | | | | |
| (Panther Creek Partners Project) 6.65%, 5/1/2010 | | 10,040,000 | | 10,836,172 |
| Delaware County Industrial Development Authority | | | | |
| (Resource Recovery Facility) 6.10%, 7/1/2013 | | 12,000,000 | | 12,903,600 |
| Delaware River Joint Toll Bridge Commission, | | | | |
| Bridge Revenue 5.25%, 7/1/2013 | | 2,500,000 | | 2,759,525 |
| Delaware Valley Regional Finance Autority, | | | | |
| Local Government Revenue 5.75%, 7/1/2017 | | 6,830,000 | | 7,896,368 |
| Erie County Hospital Authority, Revenue | | | | |
| (Hamot Health Foundation) | | | | |
| 5.375%, 5/15/2010 (Insured; AMBAC) | | 2,340,000 | | 2,522,918 |
| Erie County Industrial Development Authority, | | | | |
| EIR (International Paper Company Project) | | | | |
| 5.25%, 9/1/2010 | | 2,100,000 | | 2,259,831 |
| Montgomery County Higher Education & Health | | | | |
| Authority, HR (Abington Memorial) | | | | |
| 6.10%, 6/1/2012 (Insured; AMBAC) | | 5,000,000 | | 5,779,900 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Pennsylvania (continued) | | | | |
| Pennsylvania Higher Educational Facilities Authority, | | | | |
| Health Services Revenue | | | | |
| (University of Pennsylvania) 5.70%, 1/1/2011 | | 3,250,000 | | 3,361,508 |
| (UPMC Health System) 6.25%, 1/15/2015 | | 3,660,000 | | 4,094,918 |
| Rose Tree Media School District | | | | |
| 5.25%, 2/1/2018 (Insured; FSA) | | 5,900,000 | | 6,449,113 |
| Sayre Health Care Facilities Authority, Revenue | | | | |
| (Guthrie Health) 6%, 12/1/2012 | | 2,000,000 | | 2,236,060 |
| Rhode Island—1.8% | | | | |
| Rhode Island Health and Educational Building Corp.: | | | | |
| Health Facilities Revenue (San Antoine) | | | | |
| 5.50%, 11/15/2009 | | 3,320,000 | | 3,579,823 |
| Hospital Financing Revenue | | | | |
| (Lifespan Obligation Group): | | | | |
| 5.75%, 5/15/2007 (Insured; MBIA) | | 4,805,000 | | 5,170,372 |
| 5.75%, 5/15/2008 (Insured; MBIA) | | 5,560,000 | | 6,054,284 |
| Revenue (Roger Williams University) | | | | |
| 5%, 11/15/2021 | | 1,360,000 | | 1,389,526 |
| South Carolina—2.0% | | | | |
| Anderson County, IDR (Federal Paper Board) | | | | |
| 4.75%, 8/1/2010 | | 4,520,000 | | 4,707,218 |
| Berkeley County School District, Installment | | | | |
| Purchase Revenue (Securing Assets for | | | | |
| Education) 5.25%, 12/1/2021 | | 9,395,000 | | 9,728,898 |
| Charleston, COP (Public Facilities Corp.) | | | | |
| 5%, 9/1/2015 | | 2,145,000 | | 2,322,048 |
| Hilton Head Island Public Facilities Corp., COP | | | | |
| 5%, 3/1/2013 (Insured; AMBAC) | | 1,065,000 | | 1,160,413 |
| South Dakota—.2% | | | | |
| Pennington County, PCR (Black Hills | | | | |
| Power Incorporated Project) 4.80%, 10/1/2014 | | 2,050,000 | | 2,050,000 |
| Tennessee—1.3% | | | | |
| Johnson City Health and Educational Facility Board, HR | | | | |
| (Medical Center Hospital Improvement) | | | | |
| 5.125%, 7/1/2011 (Insured; MBIA) | | 6,720,000 | | 7,261,699 |
| Tennessee Housing Development Agency | | | | |
| (Homeownership Program): | | | | |
| 5.20%, 7/1/2010 | | 1,815,000 | | 1,923,555 |
| 5.30% 7/1/2011 | | 2,140,000 | | 2,264,698 |
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Texas—10.8% | | | | |
| Bexar County, Revenue (Venue) | | | | |
| 5.75%, 8/15/2013 (Insured; MBIA) | | 5,000,000 | | 5,609,650 |
| Cypress—Fairbanks Independent School District | | | | |
| (Schoolhouse) 6.75%, 2/15/2012 | | | | |
| (Prerefunded 2/15/2010) | | 1,700,000 c | | 1,996,225 |
| Gulf Coast Waste Disposal Authority: | | | | |
| Revenue (Bayport Area System) | | | | |
| 5%, 10/1/2014 (Insured; AMBAC) | | 2,065,000 | | 2,238,790 |
| SWDR (Quaker Oats Co. Project) 5.70%, 5/1/2006 | | 3,210,000 | | 3,337,437 |
| Harris County (Permanent Improvement) | | | | |
| 5.25%, 10/1/2016 | | 3,435,000 | | 3,739,753 |
| Harris County Health Facilities Development Corp., HR: | | | | |
| (Memorial Hermann Hospital System) | | | | |
| 5.50%, 6/1/2012 (Insured; FSA) | | 8,295,000 | | 9,282,686 |
| (Memorial Hospital System) | | | | |
| 6%, 6/1/2008 (Insured; MBIA) | | 9,080,000 | | 10,039,847 |
| Houston, Utility System Revenue (First Lien): | | | | |
| 5.25%, 5/15/2012 (Insured; MBIA) | | 2,750,000 | | 3,059,650 |
| 5.25%, 5/15/2015 (Insured; MBIA) | | 7,500,000 | | 8,278,725 |
| Port Corpus Christi Industrial Development Corp., | | | | |
| Revenue (Valero): | | | | |
| 5.125%, 4/1/2009 | | 2,250,000 | | 2,372,625 |
| 5.40%, 4/1/2018 | | 1,500,000 | | 1,541,895 |
| San Antonio, Electric & Gas Revenue | | | | |
| 5%, 2/1/2018 | | 5,000,000 | | 5,236,850 |
| Tarrant County Health Facilities Development Corp., | | | | |
| Health Systems Revenue: | | | | |
| (Harris Methodist Health Systems) | | | | |
| 6%, 9/1/2010 | | 7,725,000 | | 8,742,305 |
| (Health Resources Systems) | | | | |
| 5.75%, 2/15/2014 (Insured; MBIA) | | 5,000,000 | | 5,687,150 |
| Texas College Student Loan Bonds | | | | |
| 4.75%, 8/1/2008 | | 7,435,000 | | 7,908,089 |
| Texas Municipal Power Agency, Revenue: | | | | |
| Zero Coupon, 9/1/2009 (Insured; AMBAC) | | 105,000 | | 89,818 |
| Zero Coupon, 9/1/2009 (Insured; AMBAC) | | 9,265,000 | | 7,899,524 |
| 4%, 9/1/2012 (Insured; AMBAC) | | 2,690,000 | | 2,703,880 |
| University of Texas University Revenues Financing | | | | |
| System 5.25%, 8/15/2018 | | 6,000,000 | | 6,493,800 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| | | Principal | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Utah—1.9% | | | | |
| Carbon County, SWDR | | | | |
| (Sunnyside Cogeneration-A) 6.375%, 8/15/2011 | | 8,450,000 | | 8,277,958 |
| Jordanelle Special Service District | | | | |
| (Special Assessment Improvement | | | | |
| District) 8%, 10/1/2011 | | 5,040,000 | | 5,404,745 |
| Utah Building Ownership Authority, LR | | | | |
| (State Facilities Master Lease Program) | | | | |
| 5%, 5/15/2017 | | 2,950,000 | | 3,136,145 |
| Virginia—1.2% | | | | |
| Arlington County Industrial Development Authority, RRR | | | | |
| (Ogden Martin System of Alexandria/Arlington Inc. | | | | |
| Project) 5.375%, 1/1/2012 (Insured; FSA) | | 2,530,000 | | 2,720,686 |
| Greater Richmond Convention Center Authority, | | | | |
| Hotel Tax Revenue (Convention Center | | | | |
| Expansion Project) 6%, 6/15/2011 | | 2,000,000 | | 2,265,700 |
| Virginia Beach, Public Improvement | | | | |
| 5%, 5/1/2018 | | 4,000,000 | | 4,379,440 |
| Virginia College Building Authority, Educational | | | | |
| Facilities Revenue (Hampden—Sydney College | | | | |
| Project) 5% 9/1/2016 | | 1,000,000 | | 1,035,650 |
| Washington—3.2% | | | | |
| Energy Northwest | | | | |
| Revenue (Wind Project): | | | | |
| 4.55%, 7/1/2006 | | 1,600,000 | | 1,634,608 |
| 5.60%, 7/1/2015 | | 2,530,000 | | 2,653,616 |
| Seattle Municipal Light & Power, Revenue: | | | | |
| 5.25%, 3/1/2010 (Insured; FSA) | | 50,000 | | 55,067 |
| 8.738%, 3/1/2010 | | 6,500,000 b,e | | 7,817,485 |
| Washington: | | | | |
| 5.75%, 10/1/2012 | | 20,000 | | 22,770 |
| 5.75%, 10/1/2012 | | 2,305,000 | | 2,610,021 |
| Washington Health Care Facilities Authority, Revenue | | | | |
| (Sisters of Providence) | | | | |
| 5.40%, 10/1/2010 (Insured; AMBAC) | | 3,000,000 | | 3,134,340 |
| Washington, Public Power Supply Systems Revenue | | | | |
| (Nuclear Project Number 1) | | | | |
| 6%, 7/1/2007 (Insured; AMBAC) | | 9,720,000 | | 10,430,046 |
| | | Principal | | | | |
| Long-Term Municipal Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Wisconsin—.6% | | | | | | |
| Racine, SWDR (Republic Services Project) | | | | | | |
| 3.25%, 4/1/2009 | | 1,000,000 | | | | 979,850 |
| Wisconsin Health and Educational Facilities Authority, | | | | | | |
| Revenue (Aurora Medical Group, Inc.) | | | | | | |
| 6%, 11/15/2011 (Insured; FSA) | | 3,500,000 | | | | 4,027,555 |
| U. S. Related—1.4% | | | | | | |
| Childrens Trust Fund, Tobacco Settlement Revenue: | | | | | | |
| 5.75%, 7/1/2010 | | 2,500,000 | | | | 2,828,450 |
| 5.75%, 7/1/2012 (Prerefunded; 7/1/2010) | | 5,000,000 | | c | | 5,656,900 |
| 5.75%, 7/1/2013 (Prerefunded; 7/1/2010) | | 3,300,000 | | c | | 3,733,554 |
| Total Long-Term Municipal Investments | | | | | | |
| (cost $846,219,056) | | | | | | 877,338,636 |
| |
| |
| |
|
| |
| Short-Term Municipal Investments—1.1% | | | | | | |
| |
| |
| |
|
| Florida—.1% | | | | | | |
| Collier County Health Facilities | | | | | | |
| Authority, Revenue VRDN (Cleveland | | | | | | |
| Clinic Health) 1.67% (LOC; UBS AG) | | 1,000,000 | | f | | 1,000,000 |
| Massachusetts—.6% | | | | | | |
| Massachusetts Health & Educational | | | | | | |
| Facilities Authority, Revenue VRDN | | | | | | | |
| (Capital Asset Program) | | | | | | |
| 1.68% (LOC; Bank One) | | 4,790,000 | | f | | 4,790,000 |
| Ohio—.2% | | | | | | |
| Trumbull County Health Care Facility, Revenue | | | | | | |
| VRDN (Shepherd VY) 1.74% | | 2,000,000 | | f | | 2,000,000 |
| Pennsylvania—.2% | | | | | | |
| Geisinger Authority, Health System Revenue | | | | | | |
| VRDN (Geisinger Health System) 1.68% | | 2,200,000 | | f | | 2,200,000 |
| Total Short-Term Municipal Investments | | | | | | |
| (cost $9,990,000) | | | | | | 9,990,000 |
| |
| |
| |
|
| |
| Total Investments (cost $856,209,056) | | 99.2% | | | | 887,328,636 |
| Cash and Receivables (Net) | | .8% | | | | 7,454,899 |
| Net Assets | | 100.0% | | | | 894,783,535 |
S T A T E M E N T O F I N V E S T M E N T S ( U n a u d i t e d ) (continued)
| Summary of Abbreviations | | | | |
| |
| AMBAC | | American Municipal Bond | | LOC | | Letter of Credit |
| | | Assurance Corporation | | LR | | Lease Revenue |
| COP | | Certificate of Participation | | MBIA | | Municipal Bond Investors Assurance |
| EIR | | Environment Improvement Revenue | | | | Insurance Corporation |
| FGIC | | Financial Guaranty Insurance | | MFHR | | Multi-Family Housing Revenue |
| | | Company | | PCR | | Pollution Control Revenue |
| FSA | | Financial Security Assurance | | RRR | | Resources Recovery Revenue |
| HR | | Hospital Revenue | | SWDR | | Solid Waste Disposal Revenue |
| IDR | | Industrial Development Revenue | | VRDN | | Variable Rate Demand Notes |
| Summary of Combined Ratings (Unaudited) | | |
| |
| Fitch | | or | | Moody’s | | or | | Standard & Poor’s | | Value (%) † |
| |
| |
| |
| |
| |
|
| AAA | | | | Aaa | | | | AAA | | 56.0 |
| AA | | | | Aa | | | | AA | | 17.5 |
| A | | | | A | | | | A | | 11.9 |
| BBB | | | | Baa | | | | BBB | | 10.5 |
| F1 | | | | MIG1/P1 | | | | SP1/A1 | | 1.1 |
| Not Rated g | | | | Not Rated g | | | | Not Rated g | | 3.0 |
| | | | | | | | | | | 100.0 |
| † | | Based on total investments. |
| a | | Zero coupon until a specific date, at which time the stated coupon rate becomes effective until maturity. |
| b | | Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in |
| | | transactions exempt from registration, normally to qualified institutional buyers.These securities have been determined |
| | | to be liquid by the Board of Directors.At November 30, 2004, these securities amounted to $26,896,170 or 3.0% |
| | | of net assets. |
| c | | Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used |
| | | to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
| d | | Purchased on a delayed delivery basis. |
| e | | Inverse floater security—the interest rate is subject to change periodically. |
| f | | Securities payable on demand.Variable interest rate—subject to periodic change. |
| g | | Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to |
| | | be of comparable quality to those rated securities in which the fund may invest. |
| See notes to financial statements. |
| STATEMENT OF ASSETS AND LIABILITIES |
| November 30, 2004 (Unaudited) |
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 856,209,056 | | 887,328,636 |
| Interest receivable | | | | 13,973,388 |
| Receivable for shares of Common Stock subscribed | | | | 3,646 |
| Prepaid expenses and other assets | | | | 547,583 |
| | | | | 901,853,253 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 3(b) | | | | 497,322 |
| Cash overdraft due to Custodian | | | | 522,367 |
| Payable for investment securities purchased | | | | 5,727,850 |
| Payable for shares of Common Stock redeemed | | | | 171,534 |
| Accrued expenses | | | | 150,645 |
| | | | | 7,069,718 |
| |
| |
|
| Net Assets ($) | | | | 894,783,535 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 875,127,798 |
| Accumulated undistributed investment income—net | | | | 131,949 |
| Accumulated net realized gain (loss) on investments | | | | (11,595,792) |
| Accumulated net unrealized appreciation | | | | |
| (depreciation) on investments | | | | 31,119,580 |
| |
| |
|
| Net Assets ($) | | | | 894,783,535 |
| |
| |
|
| Shares Outstanding | | | | |
| (300 million shares of $.001 par value Common Stock authorized) | | 66,472,379 |
| Net Asset Value, offering and redemption price per share—Note 3(d) ($) | | 13.46 |
See notes to financial statements.
|
| STATEMENT OF OPERATIONS |
| Six Months Ended November 30, 2004 (Unaudited) |
| Investment Income ($): | | |
| Interest Income | | 20,013,600 |
| Expenses: | | |
| Management fee—Note 3(a) | | 2,727,035 |
| Shareholder servicing costs—Note 3(b) | | 449,246 |
| Custodian fees | | 38,843 |
| Professional fees | | 30,839 |
| Directors’ fees and expenses—Note 3(c) | | 27,851 |
| Prospectus and shareholders’ reports | | 24,504 |
| Registration fees | | 15,175 |
| Loan commitment fees—Note 2 | | 4,808 |
| Miscellaneous | | 27,194 |
| Total Expenses | | 3,345,495 |
| Less—reduction in management fee due to | | |
| undertaking—Note 3(a) | | (3,869) |
| Less—reduction in custody fees due to | | |
| earnings credits—Note 1(b) | | (7,725) |
| Net Expenses | | 3,333,901 |
| Investment Income—Net | | 16,679,699 |
| |
|
| Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): |
| Net realized gain (loss) on investments | | 2,698,628 |
| Net unrealized appreciation (depreciation) on investments | | 9,532,993 |
| Net Realized and Unrealized Gain (Loss) on Investments | | 12,231,621 |
| Net Increase in Net Assets Resulting from Operations | | 28,911,320 |
| | See notes to financial statements.
|
STATEMENT OF CHANGES IN NET ASSETS
| | | Six Months Ended | | |
| | | November 30, 2004 | | Year Ended |
| | | (Unaudited) | | May 31, 2004 |
| |
| |
|
| Operations ($): | | | | |
| Investment income—net | | 16,679,699 | | 37,558,125 |
| Net realized gain (loss) on investments | | 2,698,628 | | 10,267,229 |
| Net unrealized appreciation | | | | |
| (depreciation) on investments | | 9,532,993 | | (55,517,040) |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | 28,911,320 | | (7,691,686) |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | | (16,941,058) | | (37,207,071) |
| |
| |
|
| Capital Stock Transactions ($): | | | | |
| Net proceeds from shares sold | | 29,683,333 | | 70,360,162 |
| Dividends reinvested | | 12,468,924 | | 27,275,524 |
| Cost of shares redeemed | | (63,555,723) | | (196,272,299) |
| Increase (Decrease) in Net Assets | | | | |
| from Capital Stock Transactions | | (21,403,466) | | (98,636,613) |
| Total Increase (Decrease) in Net Assets | | (9,433,204) | | (143,535,370) |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 904,216,739 | | 1,047,752,109 |
| End of Period | | 894,783,535 | | 904,216,739 |
| Undistributed investment income—net | | 131,949 | | 280,714 |
| |
| |
|
| Capital Share Transactions (Shares): | | | | |
| Shares sold | | 2,198,899 | | 5,171,532 |
| Shares issued for dividends reinvested | | 925,068 | | 2,014,036 |
| Shares redeemed | | (4,714,767) | | (14,462,858) |
| Net Increase (Decrease) in Shares Outstanding | | (1,590,800) | | (7,277,290) |
| See notes to financial statements. |
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.
| Six Months Ended | | | | | | | | | | |
| November 30, 2004 | | | | | | Year Ended May 31, | | |
| |
| |
| |
| |
|
| (Unaudited) | | 2004 | | 2003 | | 2002 a | | 2001 | | 2000 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | | | |
| Net asset value, | | | | | | | | | | | | |
| beginning of period | | 13.28 | | 13.91 | | 13.42 | | 13.51 | | 12.94 | | 13.83 |
| Investment Operations: | | | | | | | | | | | | |
| Investment income—net | | .25b | | .52b | | .57b | | .64b | | .65 | | .66 |
| Net realized and unrealized | | | | | | | | | | | | |
| gain (loss) on investments | | .18 | | (.63) | | .49 | | (.09) | | .57 | | (.79) |
| Total from | | | | | | | | | | | | |
| Investment Operations | | .43 | | (.11) | | 1.06 | | .55 | | 1.22 | | (.13) |
| Distributions: | | | | | | | | | | | | |
| Dividends from | | | | | | | | | | | | |
| investment income—net | | (.25) | | (.52) | | (.57) | | (.64) | | (.65) | | (.67) |
| Dividends from net realized | | | | | | | | | | | | |
| gain on investments | | — | | — | | — | | — | | — | | (.09) |
| Total Distributions | | (.25) | | (.52) | | (.57) | | (.64) | | (.65) | | (.76) |
| Net asset value, end of period | | 13.46 | | 13.28 | | 13.91 | | 13.42 | | 13.51 | | 12.94 |
| |
| |
| |
| |
| |
| |
|
| Total Return (%) | | 3.26c | | (.81) | | 8.09 | | 4.14 | | 9.54 | | (.97) |
| |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | | | |
| to average net assets | | .74d | | .74 | | .74 | | .74 | | .74 | | .77 |
| Ratio of net expenses | | | | | | | | | | | | |
| to average net assets | | .73d | | .74 | | .74 | | .74 | | .74 | | .75 |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | | 3.67d | | 3.86 | | 4.23 | | 4.74 | | 4.82 | | 4.97 |
| Portfolio Turnover Rate | | 17.56c | | 35.07 | | 41.30 | | 27.32 | | 24.32 | | 20.86 |
| |
| |
| |
| |
| |
| |
|
| Net Assets, end of period | | | | | | | | | | | | |
| ($ x 1,000) | | 894,784 | | 904,217 1,047,752 | | 1,057,999 | | 1,065,775 | | 1,066,938 |
| a | | As required, effective June 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting Guide |
| | | for Investment Companies and began accreting discount or amortizing premium on a scientific basis for debt securities. |
| | | The effect of this change for the period ended May 31, 2002 was to increase net investment income per share and |
| | | decrease net realized and unrealized gain (loss) on investments by less than $.01 and increase the ratio of net |
| | | investment income to average net assets by less than .01%. Per share data and ratios/supplemental data for periods |
| | | prior to June 1, 2001 have not been restated to reflect this change in presentation. |
| b | | Based on average shares outstanding at each month end. |
| c | | Not annualized. |
| d | | Annualized. |
| See notes to financial statements. |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus Intermediate Municipal Bond Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company.The fund’s investment objective is to provide the maximum amount of current income exempt from federal income tax as is consistent with the preservation of capital. The Dreyfus Corporation (the “Manager”or “Dreyfus”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold to the public without a sales charge.
The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date.
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
The fund has an unused capital loss carryover of $14,294,420 available for federal income taxes to be applied against future net securities profits, if any, realized subsequent to May 31, 2004. If not applied, the carryover expires in fiscal 2011.
The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2004 was as follows: tax exempt income $37,207,071. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2—Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the “Facility”) to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended November 30, 2004, the fund did not borrow under the Facility.
| NOTE 3—Management Fee and Other Transactions With |
| Affiliates: |
(a) Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .60 of 1% of the value of the fund’s average daily net assets and is payable monthly. The Manager has undertaken from June 1, 2004 through November 30, 2004 to reduce the management fee paid by the fund, to the extent that, if the fund’s aggregate annual expenses, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary expenses, exceed an annual rate of .75 of 1% of the value of the fund’s average daily net assets. The reduction in management fee, pursuant to the undertaking, amounted to $3,869 during the period ended November 30 2004.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the fund’s average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholders accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquires regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2004, the fund was charged $207,507 pursuant to the Shareholder Services Plan.
The fund compensates Dreyfus Transfer,Inc.,a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended November 30, 2004, the fund was charged $154,995 pursuant to the transfer agency agreement.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $444,322 and transfer agency per account fees $53,000.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
(d) A .10% redemption fee is charged and retained by the fund on shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund’s exchange privilege. During the period ended November 30, 2004, redemption fees charged and retained by the fund amounted to $34.
NOTE 4—Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended November 30, 2004, amounted to $155,919,464 and $174,470,392, respectively.
At November 30, 2004, accumulated net unrealized appreciation on investments was $31,119,580, consisting of $33,058,675 gross unrealized appreciation and $1,939,095 gross unrealized depreciation.
At November 30, 2004, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
NOTE 5—Legal Matters:
Two class actions have been filed against Mellon Financial, Mellon Bank, N.A., Dreyfus, Founders Asset Management LLC and the directors of all or substantially all of the Dreyfus funds, on behalf of a purported class and derivatively on behalf of said funds, alleging violations of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the common law. The complaints alleged, among other things, (i) that 12b-1 fees and directed brokerage were improperly used to pay brokers to recommend Dreyfus funds over other funds, (ii) that such payments were not disclosed to investors, (iii) that economies of scale and soft-dollar benefits were not passed on to investors and (iv) that 12b-1 fees charged to certain funds that were closed to new investors were also improper. The complaints sought compensatory and punitive damages, rescission of the advisory contracts and an accounting and restitution of any unlawful fees, as well as an award of attorneys’ fees and litigation expenses. On April 22, 2004, the actions were consolidated under the caption In re Dreyfus Mutual Funds Fee Litigation, and a consolidated amended complaint was filed on September 13, 2004.While adding new parties and claims under state and federal law, the allegations in the consolidated amended complaint essentially track the allegations in the prior complaints pertaining to 12b-1 fees, directed brokerage, soft dollars and revenue sharing. Dreyfus and the funds believe the allegations to be totally without merit and intend to defend the action vigorously.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus’ ability to perform its contracts with the Dreyfus funds.
NOTES
| For More | | Information |
| |
|
| |
| Dreyfus Intermediate | | Transfer Agent & |
| Muncipal Bond Fund, Inc. | | Dividend Disbursing Agent |
| 200 Park Avenue | | Dreyfus Transfer, Inc. |
| New York, NY 10166 | | 200 Park Avenue |
| Manager | | New York, NY 10166 |
| The Dreyfus Corporation | | Distributor |
| 200 Park Avenue | | Dreyfus Service Corporation |
| New York, NY 10166 | | 200 Park Avenue |
| Custodian | | New York, NY 10166 |
| The Bank of New York | | |
| One Wall Street | | |
| New York, NY 10286 | | |
| |
|
| |
| |
| Telephone 1-800-645-6561 | | |
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2004, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
© 2005 Dreyfus Service Corporation
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies Affiliated Purchasers.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 9. Submission of Matters to a Vote of Security Holders.
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
Item 10. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
| Item 11. Exhibits. |
| (a)(1) | | Not applicable. |
| (a)(2) | | Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) |
| under the Investment Company Act of 1940. |
| (a)(3) | | Not applicable. |
| (b) | | Certification of principal executive and principal financial officers as required by Rule 30a-2(b) |
| under the Investment Company Act of 1940. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
DREYFUS INTERMEDIATE MUNICIPAL BOND FUND, INC.
| By: | | /s/ Stephen E. Canter |
| | | Stephen E. Canter |
| | | President |
| |
| Date: | | February 2, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | | /s/ Stephen E. Canter |
| | | Stephen E. Canter |
| | | Chief Executive Officer |
| |
| Date: | | February 2, 2005 |
| |
| By: | | /s/ James Windels |
| James Windels |
| | | Chief Financial Officer |
| |
| Date: | | February 2, 2005 |
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
